Nicosia, Cyprus. ExxonMobil and QatarEnergy on Tuesday declared the Pegasus and Glaucus gas fields in Block 10 of Cyprus’ exclusive economic zone marketable. The declaration was signed jointly by executives from both companies and the Cypriot government at the presidential palace.
Government response
President Nikos Christodoulides said the declarations were clear evidence and a vote of confidence in the prospects of Cyprus’ EEZ and in the eastern Mediterranean’s potential to develop as an energy corridor for Europe.
He said the government was excited about the declarations and added that discussions were taking place in detail regarding more blocks, expressing hope that announcements would be made soon.
Christodoulides said the presence of ExxonMobil and QatarEnergy in Cyprus’ EEZ was one of the most important developments for the country and publicly commended their work, professionalism and leadership in the energy sector.
Company statements
ExxonMobil vice president for global exploration John Ardill said the signing of the joint declaration marked the culmination of eight years of work, following the award of the blocks in 2017, the discovery in 2019 and a second discovery last year.
He said the marketability declaration represented a second milestone and moved the project from energy exploration to energy development, which he described as a fundamentally different step.
Next steps
Ardill said ExxonMobil has a presence in Cyprus, Egypt and Greece and is drilling in all three countries. He said the company plans to drill at the end of this year as part of the Pegasus appraisal programme.
He added that the exploration areas would be expanded to include Block 4 and Block 10A and that the company would continue to look for additional resources. Block 4 is located at the southwestern extremity of Cyprus’ EEZ, while Block 10A is south of Block 10, towards Egypt.
